NewswireToday - /newswire/ -
Jakarta, Selatan, Indonesia, 2009/03/16 - Coal mine extensively spread over 2.560 Ha in the thermal coal resource region of Melabouh, Aceh, Indonesia.
MSE Earthstone Resources FZC, part of Earthstone Group, a diversified mining conglomerate, today announced the acquisition of 100% economic rights of Coal mine extensively spread over 2.560 Ha in the thermal coal resource region of Melabouh, Aceh, Indonesia.
The Department of Mining granted a three year Kuasa Pertambangan exploration license to PT Bara Bina Perkasa early this month. MSE Earthstone Resources FZC has acquired 100% economic rights from PT Bara Bina Perkasa and has agreed to invest for exploration and exploitation of the mine. Integrated Coal Mining limited, a RPG Group company from India entered into an agreement with MSE Earthstone Resources FZC to jointly explore this mine. RPG Group has an option to acquire upto 51% economic interest of the mine subject to satisfactory Exploration of the mine.
Commenting on the acquisition, Earthstone Group, Chairman and CEO Mr. Pankaj Shah said: "This acquisition is in line with our growth strategy of identifying and exploring high quality natural resources in order to meet the industry demand”.
Earthstone conducted initial reconnaissance studies to identify outcrops, determine characteristics of the coal seam, collect samples and determine the logistics and results conclude immense potential for exploring high quality thermal coal. The site has good road infrastructure with minimal effort required to expand. The road is build 3km from the site to the municipal road and 20kms from the site to Melabouh city.
Earthstone jointly with RPG Group plans to initiate detailed systematic surveys including geophysical studies, drilling and geological logging on the site by April 2009.
About Earthstone Group
Earthstone Group (earthstonegroup.com) is a diversified multinational Group with established presence in Mines and Minerals and developing interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure. Acting through its subsidiary companies the Group secured 100% Economic Rights in Coal, Iron Ore, Lead Ore and Manganese Ore properties in Indonesia. We are actively pursuing opportunities in a number of Asian and African countries for Cocking Coal, Uranium, Gold and Thermal Coal Mining.
About ICML Group
Integrated Coal Mining Company Ltd. was established in 2002 by CESC with the special purpose for development and production of thermal coal for its power plants. Since that time ICML, with current production of 2.7 million tons, achieved substantial success in its business, covering over 50% of CESC requirements. The company is noted by implementation of safe and environmentally responsive mining practices. CESC is a 110 years old power utility company working in the Greater Kolkata area that has 4 coal-fired stations of aggregate capacity 975 MW, T&D network of 14,000 ckt. km and a customer base of 2 million. CESC is an integral part of RPG Group - a leading business house in India with annual turnover of over $3 billion USD, having presence in power, tyres, life sciences, IT, entertainment, retail.